Prices boost for Sunderland home owners
Home owners in Sunderland have had a financial boost as house prices in the city rose, the latest figures show.
Land Registry figures show prices increased by four per cent in March – adding to the longer-term trend, which has seen property prices in the area grow by 12% over the year.
The average house price in the area in March was £129,838 - four per cent up on February.
In the North East housing market prices increased by three per cent and, nationally, there was an 1.8% rise.
Over the last year, the average sale price of property in Sunderland rose by £9,400.
Owners of flats saw the biggest improvement in property prices in Sunderland in March. Values increased by 4.4%, to an average of £82,165 – 9.4% up over a year.
The price of detached homes went up by 4.1% o the month – 12.2% annually to an average of £237,890.
The value of a semi-detached rose by 3.8% monthly to an average of £133,762 – up 11.6% annually.
The cost of a terraced home rose by 4.2% – up 12.7% annually – to an average of £106,395.
First-time buyers in Sunderland spent an average of £113,000 on their property – £12,000 more than a year ago, and £18,000 more than in March 2016.
The figures show the average price of a home in the North East was £146,000 in March.
The most expensive properties in the North East were in Northumberland – at £178,000 on average,
In the region, property prices remained low compared to those across the UK, where the average cost £256,000.